Fund Strategies and Market Commentaries
As of November 29, 2016

Midas Fund seeks primarily capital appreciation and protection against inflation and, secondarily, current income. The Fund is currently invested in a global portfolio of primarily large and medium mining companies with what we at Midas believe to be promising exploration potential, expanding production profiles, increasing cash flow, and/or other special growth features. Midas Fund currently expects to increase the leverage on its portfolio in the fourth quarter by adding to some current stockholdings and introducing new names into the portfolio with a focus on investments in quality companies producing precious metals and other natural resources with a growth component. Recent outperformers in the Fund’s portfolio have been the Fund’s holdings of Northern Dynasty Minerals Ltd., a mining exploration company, and B2Gold Corp., an intermediate producer of gold. Fund holdings of a platinum exploration company lagged over the same recent period.

Midas Magic seeks companies with strong operations showing superior returns on equity and assets with reasonable valuations. In seeking its investment objective of capital appreciation, the Fund focuses primarily on large companies, with a broad orientation towards conservatively priced value stocks and selected growth issues. Mastercard Inc. Class A and Berkshire Hathaway, Inc. Class B each currently comprise more than 10% of the Fundís portfolio. Overall, relative to the S&P 500, the Fund’s portfolio currently is more weighted in cyclical companies, such as financial services, and consumer industries, such as autos and retail, and is underweight in economically sensitive and defensive industries. Portfolio holdings of Capella Education Company and Michael Kors Holdings Ltd. have recently contributed to the Fund’s returns. Holdings of a medical wholesaler detracted from recent Fund performance.

Cautionary Note Regarding Forward Looking Statements

This release may contain certain “forward looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,”“will,” and similar expressions identify forward looking statements, which generally are not historical in nature. Forward looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from a Fund’s historical experience and its current expectations or projections indicated in any forward looking statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which a Fund invests, management risk, and other risks discussed in each Fund’s filings with the Securities and Exchange Commission. You should not place undue reliance on forwardlooking statements, which speak only as of the date they are made. Each Fund undertakes no obligation to update or revise any forward looking statements made herein. There is no assurance that each Fund’s investment objectives will be attained.